1. 1-Dec

   Issue common stock in exchange for cash of $8,500.

   1-Dec

   Paid the premium in advance on a one-year insurance policy, $1,320.

   1-Dec

   Purchased Equipment for $3,600 cash.

   5-Dec

   Purchased office supplies from XYZ Company on account, $600.

   15-Dec

   Provided services to customers for $8,400 cash.

   16-Dec

   Provided services to customer ABC Inc. on account, $7,000.

   17-Dec

   Received $2,300 cash in advance from a customer for services to be provided in January.

   22-Dec

   Paid $220 to XYZ company for the Dec 5 purchase on account.

   23-Dec

   Received $3,000 cash from customer, ABC Inc., on account.

   25-Dec

   Paid the rent for the current month, $1,250 .

   28-Dec

   Paid salaries to employees for work performed from December 1 through December 28, $5,040.

   29-Dec

   Declared and paid dividends to stockholders $400.

   30-Dec

   Purchased land by signing 3 year note payable for $11,000.

   Step 2:

   Post all of the December transactions from the General Journal tab to the T-accounts under the T-Accounts tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts.

   Step 3:

   Compute the balance for each T-account after all of the entries have been posted.

   Step 4:

   Prepare the unadjusted trial balance on the Unadjusted Trial Balance tab.

   1

   Provide the total of the credit column from the Unadjusted Trial Balance

   Step 5:

   Record the December adjusting entries on the General Journal tab.

   31-Dec

   One months insurance has expired $110.

   31-Dec

   The remaining inventory of unused office supplies is $90.

   31-Dec

   The estimated depreciation on equipment is $60.

   31-Dec

   Salaries incurred from December 29 to December 31 but not yet paid or recorded total $540.

   Step 6:

   Post all of the adjusting entries to the T-accounts on the T-Accounts tab. Compute the balance for each T-account after all of the adjusting entries have been posted.

   Step 7:

   Prepare the adjusted trial balance on the Adjusted Trial Balance tab.

   Check point 1:

   Adjusted trial balance total debit/credit =

   $ 38,180